Jamaican Central Bank issues its first CBDC

Tue 10 Aug 2021 ▪ 13h41 ▪ 2 min de lecture - par Felix Meyer

There are 230 million coins with the ticker symbol JMD, each of which will be issued to depository institutions and authorised payment service providers. As part of Jamaica’s CBDC pilot project, the initiative will finalise in December this year.

BOJ has minted its first batch of central bank digital currency (CBDC)

The supervisory team behind the BOJ’s state CBDC project issued the currency during a special ceremony attended by Jamaican Minister of Finance Nigel Clarke, BOJ Governor Richard Byles, other members of the central bank’s senior management, as well as technical management teams and an eCurrency provider.

According to The Paypers, during his speech at the event, the minister of finance promised that the legislative amendment accompanying the CBDC will be passed before the end of the fiscal year. In addition, Bank of Jamaica Deputy Governor Natalie Haynes reported that the judging process in the recent public tender to propose a name, slogan, logo and image for the national cryptocurrency is complete, and in the near future, the winners will be announced.

It was previously discussed that the Bank of Jamaica would use a hybrid model to issue its CBDC, which would be exclusively for internal use. This way, the BOJ would issue digital assets not only to commercial banks but also to other organisations like payment service providers (PSPs) licensed or authorised by the Bank of Jamaica. These entities will sell CBDCs on the retail market.

To access the national cryptocurrency, consumers will need a special wallet, which will be different from a regular bank account, and will be much easier to obtain. Customers will be able to transfer and convert funds seamlessly between regular bank accounts and CBDC wallets. To make CBDC transactions anywhere and anytime, consumers will have access to a special mobile app.

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Felix Meyer

Le trading et l'analyse technique sont mes spécialités depuis 4 ans. Je décortique le marché et vous partage mon expertise.

DISCLAIMER

Les propos et opinions exprimés dans cet article n'engagent que leur auteur, et ne doivent pas être considérés comme des conseils en investissement. Effectuez vos propres recherches avant toute décision d'investissement.

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